Integrated DNA Technologies (IDT), part of Danaher Corporation (DHR), announced the acquisition of Swift Biosciences. The transaction’s financial details were not disclosed. Shares of Danaher were down about 2% at the end of trade on Friday.
IDT provides genomics solutions for various settings such as academic and commercial research, agriculture, medical diagnostics as well as pharmaceutical development.
Swift Biosciences’ Next Generation Sequencing (NGS) Library Prep Kits help in maximizing data output and decreasing sequencing costs.
Trey Martin, President of IDT, said, “Swift’s research tools are being used for cancer, inherited disease and other health applications, as well as research in agrigenomics, metagenomics, and the biotech/pharmaceutical industry. Their broad portfolio of library preparations and enrichment products are highly complementary to IDT’s existing NGS product line, giving us an increased ability to provide gold standard offerings to researchers and to be well positioned for future growth.”
Swift’s President and CEO Nathan Wood said, “The synergies between IDT and Swift make this acquisition an excellent fit. Since entering the NGS market in 2013, Swift’s mission has been to provide research tools for long term improvements in the health of individuals and their communities all around the world. IDT has the commercial engine, operational tools, and resources to catalyze these efforts.” (See Danaher stock analysis on TipRanks)
Recently, Cowen & Co analyst Doug Schenkel reiterated a Buy rating on the stock with a price target of $275 (28.1% upside potential). Danaher is Schenkel’s top diversified pick for 2021.
Turning to the analyst community, Danaher has a Strong Buy consensus rating based on 4 Buys and 1 Hold. The average analyst price target of $264.60 implies about 23.3% upside potential from current level. Shares have rallied about 66.6% over the past year.